Results 21–40 of 12413 for speaker:Philip Hammond

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: I will not give way; I need to make some progress. It is clear to me that the majority of this House is opposed to no deal, for very good reason in my view. When the British people voted narrowly to leave the EU, they did so at the end of a campaign that had emphatically promised them a better life outside the EU. Like the vast majority of us in this House, I won my seat at the general...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: It is very clear, and I have had the discussion in the Chamber many times, that the closer our relationship with the European Union, the closer the trading partnership we are able to maintain and the less friction there is in our trading relationships, the greater our prosperity and our economic growth will be. A no-deal Brexit would not do that. I believe we have an obligation to deliver...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: My hon. Friend is of course right. A number of hon. Members have appeared to suggest in their remarks that we might be absolutely worse off in certain circumstances. The analysis the Government have published shows that that is clearly not the case. The country will be better off. The economy will grow in every modelled outcome. The question is merely by how much. I believe the great...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: The hon. Lady acknowledges something that the Chancellor of the Duchy of Lancaster said in his contribution a couple of days ago. It is important for us to remember that any form of negotiated solution requires a withdrawal agreement, and that has to include provisions around the financial settlement, citizens’ rights and the Irish border. The EU has made it clear that it is not prepared to...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: I do not know how much engagement my right hon. Friend has with the insurance industry, but it would baulk at the notion that an insurance policy is time-limited. If someone is covered by an insurance policy against the acquisition of some terrible disease, such as asbestosis, it may be 10 or 20 years later that they discover they are a sufferer. They would expect the insurance put in place...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: It is a balance, and I have personally come to the conclusion that the damage that would be done to our political system, the resulting instability and the economic consequences mean that the economic cost of going back would outweigh the economic cost of going forward. I am sorry if the hon. Lady does not agree, but I can assure her that I have thought very long and hard about this. Those...

Written Ministerial Statements — Treasury: ECOFIN: 04 December 2018 (17 Dec 2018)

Philip Hammond: A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 04 December 2018. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following: Early Morning Session The Eurogroup President briefed the Council on the outcomes of the 03 December meeting of the Eurogroup, and the European Commission...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: Budget 2018 announced our plan for the high street, which provides £1.5 billion of support to fund local areas as they make their high streets fit for the future. The plan includes a £675 million future high streets fund, planning reforms, a high streets taskforce, support for community assets and a cut by a third to the business rates bills of independent retailers for two years from April...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: My hon. Friend makes a point that has been raised on many occasions. There is concern about the way the business rates system works. In 2016, we conducted a fundamental review of business rates that agreed that property-based taxes were easy to collect, difficult to avoid and stable. There was no consensus around any replacement for business rates. My hon. Friend will know that separately the...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: Yes, I am happy to join my hon. Friend in congratulating Barnstaple on the success of its high street. Of course, there are many successful high streets throughout the United Kingdom, even at a time when the high street overall is under pressure. I am sure my hon. Friend is aware that Devon’s success does not stop at the high street; it has seen a wider economic achievement, with...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: The answer, of course, is to ensure that we leave the European Union in a way that supports our economy across the United Kingdom. That means a negotiated deal that allows us to have a smooth exit and retain a close trading partnership with our European neighbours in the future.

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: I am not sure whether the hon. Gentleman was in his place for the Budget, but I did in fact announce a digital services tax based on turnover. I also announced a reduction of one third in the business rates for independent retailers. I am very happy to have a meeting with him and explain the changes in detail.

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: If my right hon. Friend is asking whether there is anything that local authorities can do to help with the cash-flow challenges of seasonally based businesses, I am very happy to take that away and look at it and see whether there is anything that we can do to help in that way. The challenge, of course, is that business rates raise £25 billion a year and are a vital part of our overall tax...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: There are a couple of points there. First, I should just say to the hon. Gentleman that I was actually congratulating him the other day on his display of synthetic anger, which is one of the best in the House. On the wider point, the high street is facing challenges because of the uptake of online retailing across the UK at a faster rate than in any other large economy. That means that our...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: I would be very happy to meet my hon. Friend. My hon. Friend the Exchequer Secretary is the expert on this matter and he might find a meeting with him more fruitful, but either one of us is very happy to meet him.

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: I would be the first to agree that businesses need an end to uncertainty and clarity about the future, but frankly I think that the shadow Chancellor is probably the last person who should give us that lecture, because his policy agenda has been designed to create uncertainty and a lack of clarity for business in the future. What the Prime Minister is doing—absolutely rightly—is making a...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: The right hon. Gentleman can practise his synthetic concern at the Dispatch Box, but the remedy lies in his hands. There is a deal on the table that will end the uncertainty and allow this country to move on, and our polling shows that that is exactly what the British people want. All he has to do is get behind it, vote for the Prime Minister’s deal and we can all move on.

Oral Answers to Questions — Treasury: Major Infrastructure Projects: Funding (11 Dec 2018)

Philip Hammond: All public spending proposals, including those for major infrastructure projects, are appraised against five key considerations: the strategic case for change, the net value to society of the intervention, the affordability of the proposal, the robustness of delivery plans, and whether a realistic commercial deal can be struck to deliver the proposal. As I announced in the Budget, there will...

Oral Answers to Questions — Treasury: Major Infrastructure Projects: Funding (11 Dec 2018)

Philip Hammond: First, I acknowledge my right hon. Friend’s tireless work in campaigning to improve infrastructure and boost productivity in the Essex region, including her chairing of the Great Eastern Mainline Taskforce. We expect about £47.9 billion to be spent on the railway nationally between 2019 and 2024. I very much look forward to hearing the outcome of the Great Eastern Mainline Taskforce study....

Oral Answers to Questions — Treasury: Major Infrastructure Projects: Funding (11 Dec 2018)

Philip Hammond: We have had this one before. The Institute for Public Policy Research consistently publishes these figures and they are consistently wrong. I would urge the hon. Lady to look at the Infrastructure and Projects Authority’s figure. The problem with the IPPR is that it needs also to look at central Government funding to the regions. When we look at central Government funding to the regions, we...


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